Central bank cedes 100% in Moscow Industrial Bank to state agency

MOSCOW, Nov 10 (PRIME) -- The central bank has ceded 100% in Moscow Industrial Bank to the Federal State Property Management Agency for 1 ruble, the authority said in a statement on Thursday.

The shares will be invested in the charter capital of Promsvyazbank as a contribution of the state. Promsvyazbank is to take over Moscow Industrial Bank no later than in May 2023.

The bank was bailed out by the central bank in January 2019. In May 2022, the authority injected 34.9 billion rubles in the capital of the bank.

(61.0611 rubles – U.S. $1)

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